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Reasons Why Cryptocurrency Traders Should Take Dogecoin Seriously

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cryptocurrency

The cryptocurrency market has become a happy hunting ground for millions of traders spread across the globe nowadays. Along with the decentralized method of payment and transaction of these currencies, the vast number of available currencies is also grabbing the attention of several investors around the world. Under the circumstances, the competition to achieve a decent market capitalization and coin price is becoming increasingly difficult for the relatively newer coins.

Among the eighteen hundred currencies currently available in the market, there are very few currencies that exhibit considerable stability amidst market turmoil. Dogecoin certainly belongs to the group of such digital currencies. While the most popular cryptocurrency Bitcoin is going through severe ups and downs within a matter of weeks or even days, the price of Dogecoin seems to remain almost entirely unaffected.

Although Dogecoin started its journey as a “joke”, the distinct features of this coin and its gradual technical developments have helped Dogecoin to acquire a commendable market capitalization (Approximately $340 Million on 29th March 2018). In 2017, an article of Dogecoin was published in the renowned newspaper The New York Times. The article consisted of severe animadversion of this cryptocurrency and vindication of the fact that Dogecoin was indeed a “joke” even after spending more than three years in the market.

Here, a few aspects of this currency would be discussed highlighting the fact why it is not really a mere “joke” and why investors should take this currency seriously.

The Bitcoin Myth:    

Dogecoin was developed by a developer residing in Portland, Oregon named Billy Markus. The initial purpose of developing this coin is to reach a broader demographic than Bitcoin and distancing it from the controversial histories other cryptocurrencies. In the recent article published in The New York Times, Dogecoin was vilified as a half-baked concept tailor-made for inexperienced and gullible traders. It was also mentioned unequivocally that Dogecoin’s logo is an insignificant emulation of Bitcoin with a dog’s picture.

In a recent interview, Ross Nicoll, the head architect behind this cryptocurrency debunked this very popular Bitcoin myth with considerable proof. According to his statement, Dogecoin is constantly undergoing updates and developments to improve its blockchain system and to implement new features. The imminent introduction of the Doge-Ethereum bridge project was also mentioned which would allow this cryptocurrency to make the most of Ethereum’s smart contract.

Also, one of the obvious facts that debunk this myth is the technology of Dogecoin. Unlike many other currencies, Dogecoin’s blockchain is completely independent of Bitcoin. This digital currency actually is a lot faster than Bitcoin in carrying out transactions and also considerably more stable. Being the sixth cryptocurrency ever designed, Dogecoin shares similarity in technology with Litecoin and Namecoin and it is well known to the traders that Litecoin’s Scrypt algorithm is completely different from Bitcoin’s SHA-256.

Advantages over Bitcoin:   

  1. Stability amidst Market Turmoil: The market price and overall market capitalization do not fluctuate as much as that of Bitcoin. By the end of February 2018, Bitcoin’s price plummeted significantly and went below the $10,000 mark. The incident affected the entire cryptocurrency market severely with a few exceptions. Dogecoin was among those exceptions as its algorithm does not depend on Bitcoin.
  2. Faster Transaction: Dogecoin takes lesser time than Bitcoin for block processing. As a result, the transaction speed is a lot faster in case of this cryptocurrency.
  3. Convenience: Apart from a faster transaction system, the transaction fee is significantly lower for Dogecoin. This broadens the range of investors and users who are about to get involved in the crypto-market.

Current Scenario and Speculation:

One Dogecoin is currently equivalent to approximately $0.003 and holds the 41st position on Coinmarketcap. Despite so much negative publicity, this currency has managed to become one of the most frequently used cryptocurrencies in the world. Keeping the volatility of the cryptocurrency market in mind, it can be inferred that Dogecoin has proved to be anything but a “joke” and with regular technical developments, it can become a valuable asset for cryptocurrency traders by the end of this year.

We will be updating our subscribers as soon as we know more. For the latest on DOGE, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Kevin Dooley via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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